Germany’s Allianz announced that its Polish subsidiary “is continuing to increase its sales, growing faster than the market.” First half-financial results show an overall 53 percent increase with both life and P/C operations registering gains.
“In the first six months of 2003, Allianz Polska recorded a strong increase in its premiums collected in property insurance by 52 percent from 245 million to 373 million zlotys (about 85 million euros [$92.3 million]),” said the announcement. “The company also saw a 40 percent increase in insurance sales to small and medium companies and a 71 percent increase in industrial insurance sales. Motor insurance sales increased by 37 percent.”
Life premium income grew by 59 percent from 83 to 132 million zlotys (about 30 million euros [$32.5 million]). Personal lines grew by 61 percent, from 60 to 97 million zlotys (about 22.2 million euros [$24 million]), and group life insurance by 42 percent from 21 to 30 million zlotys (about 6.9 million euros [$7.5 million]).
“The dynamic increase in premiums in both Allianz companies, in a generally stagnant market, results from developments in distribution channels, including the increase in agents’ efficiency and good cooperation with insurance brokers, improvements in the product offering and improvement of service quality.” commented Pawel Dangel, Allianz Poland CEO.
“The Allianz Group in Poland has 42 branches, employs 2,500 agents, and cooperates with 33 tied agencies, 150 brokers, 700 dealers representing 13 car makers and Bank Pekao S.A., which has over 800 branches,” the bulletin concluded.
Was this article valuable?
Here are more articles you may enjoy.